Zelestra, a major player in the renewable energies sector, announces that it has closed a €132 million financing package for its Gorbea solar power plant in India. The project, with an installed capacity of 435 MW, is located in the state of Rajasthan, a strategic region for the development of large-scale solar projects due to its favorable insolation and vast available space.
The financing was structured with leading international financial institutions such as HSBC, Crédit Agricole, MUFG and Bank of America.
It is aligned with green financing principles in line with Loan Market Association guidelines.
Denomination in Indian rupees ensures better management of the risks associated with currency fluctuations, while supporting the local economy.
Partnership with Solar Energy Corporation of India
The Gorbea project will supply electricity to the Solar Energy Corporation of India (SECI), a state-owned enterprise under the aegis of India’s Ministry of New and Renewable Energy, under a 25-year Power Purchase Agreement (PPA).
This partnership guarantees the project’s revenue stability, while meeting India’s growing demand for electricity from renewable sources.
SECI plays a central role in implementing the Indian government’s objectives to increase the share of renewable energies in the country’s energy mix.
With an estimated annual output sufficient to supply 128,000 homes, the Gorbea plant contributes to the Indian government’s solar production targets.
The Indian government is committed to installing 175 GW of renewable energy capacity by 2025, with solar power playing a key role.
A key project in Zelestra’s expansion in India
India is a strategic market for Zelestra, with rapidly growing energy demand and ambitious decarbonization targets.
Zelestra already has 1.5 GW of projects under construction in the country, covering a range of renewable energy technologies.
The Gorbea project reinforces Zelestra’s position as a key partner in the development of renewable energies in India.
Zelestra’s projects in India meet the expectations of local industry in terms of clean energy, while creating significant economic opportunities.
By multiplying its partnerships with local companies and institutional players, the company continues to strengthen its presence on the Indian subcontinent.
India’s energy outlook and context
The Indian renewable energy market is particularly attractive, with some of the world’s greatest development potential.
The Indian government is providing incentives to encourage investment in this sector, including long-term PPAs, guaranteed tariffs and tax exemptions.
India has already surpassed 100 GW of installed renewable energy capacity, but still needs to step up its efforts to meet growing energy demand, while reducing its dependence on fossil fuels.
The country is seeking to become a world leader in renewable power generation, thanks in particular to projects such as Gorbea.
Green financing increasingly in demand
The use of green financing is now an essential lever for the development of renewable energy projects on an international scale.
By working with financial institutions such as HSBC and Bank of America, Zelestra is in line with global standards for sustainable financing.
This type of financing guarantees the transparency and integrity of projects, while meeting the strict criteria of institutional investors.
The green bond market is growing exponentially, particularly in emerging countries where financing needs are colossal if clean energy targets are to be met.
The success of the Gorbea project could serve as a model for other similar projects in regions with high solar potential.
